Merrifield Lawn Care's bank statement at August 31 showed an ending balance of $23,716.87. The unadjusted cash account balance for Merrifield is $20,237.98. The following data were gathered by Merrifield's accountant:• Check number 2143 was correctly written for $427. It was recorded in the company's books as $472 for utilities.• Outstanding checks as of August 31: $7,128.71• NSF check from customer: $71.82• Debit memo related to the returned deposit: $8.00• Credit memo related to interest earned: $10.00• Deposits in transit: $3,625.00Required:a) Determine the true cash balance by preparing a bank reconciliation as of August 31.b) Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.
What will be an ideal response?
(a)
(b)
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